1 unchanged sentence
Evaluation of Disclosure Controls and Procedures
−Removed: We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are designed
−Removed: to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and
+Added: We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are designed to
+Added: provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and
Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated
1 unchanged sentence
We carried out an evaluation under the supervision and with the participation of our management, including our Chief Executive Officer (principal executive officer) and Chief Financial Officer
−Removed: (principal financial officer and accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2022.
+Added: (principal financial officer and accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2022.
Based on this evaluation, the Chief Executive Officer and Chief Financial Officer
−Removed: concluded that our disclosure controls and procedures were not operating effectively as of March 31, 2022.
+Added: concluded that our disclosure controls and procedures were not operating effectively as of June 30, 2022.
Our disclosure controls and procedures were not effective because of the “material weakness” described below.
−Removed: As of March 31, 2022, the Company has still identified the following material weaknesses:
+Added: As of June 30, 2022, the Company has still identified the following material weaknesses:
The Company lacks expertise and resources to analyze and properly apply U.S.
2 unchanged sentences
GAAP to accounting for financial instruments included in service agreements with select vendors.
−Removed: The Company has failed to design and implement controls around all of its accounting and IT processes and procedures and, as such, it believes that all of its accounting and IT processes and procedures need
−Removed: to re-designed and tested for operating effectiveness.
−Removed: As a result, management concluded that its internal control over reporting was not effective as of March 31, 2022.
+Added: The Company has failed to design and implement controls around all of its accounting and IT processes and procedures and, as such, it believes that all of its accounting and IT processes and procedures need to
+Added: re-designed and tested for operating effectiveness.
+Added: As a result, management concluded that its internal control over reporting was not effective as of June 30, 2022.
Remediation Plan
During 2021, we engaged external consultants with appropriate experience applying GAAP technical accounting guidance, and we have hired additional accounting personnel both internal and external.
−Removed: We engaged external consultants to review revenue recognition for new products, lease agreements, internal controls and related procedures and review of documentation of internal controls in addition to new equity and debt financing arrangements.
+Added: engaged external consultants to review revenue recognition for new products, lease agreements, internal controls and related procedures and review of documentation of internal controls in addition to new equity and debt financing arrangements.
Accounting memos were produced for all technical issues and reviewed with management.
2 unchanged sentences
plan for all existing and new employees related to cyber and implemented related controls around information technology infrastructure.
−Removed: In addition, an additional employee was hired to assist with the management of IT controls and enhance internal IT
+Added: In addition, an additional employee was hired to assist with the management of IT controls and enhance internal
+Added: IT resources.
Going forward, this employee will monitor our third-party IT vendor’s testing and monitoring efforts and where necessary implement new controls as the Company grows.
−Removed: These internal controls have been documented and procedures implemented.
+Added: These internal controls have been documented and procedures
There is no assurance that the measures described above will be sufficient to remediate the previously identified material weaknesses.
Changes in Internal Control over Financial Reporting
−Removed: There have been no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2022 that materially affect, or are reasonably likely to materially affect, our internal
−Removed: control over financial reporting, except as disclosed in “Remediation Plan” above.
+Added: There have been no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2022 that materially affect, or are reasonably likely to materially affect,
+Added: our internal control over financial reporting, except as disclosed in “Remediation Plan” above.
PART II — OTHER INFORMATION
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.